- Justin Bieber’s $1.31 million NFT investment suffers a steep decline.
- The tweet about Bieber’s NFT loss generated intense discussions among crypto enthusiasts.
- Some question the long-term viability of NFTs and potential money laundering.
A recent tweet by SAY CHEESE, a Twitter user based in the United States, has ignited a firestorm of discussions surrounding pop star Justin Bieber’s ill-fated purchase of a Bored Ape NFT.
The tweet, which featured a screenshot of the purchased NFT alongside a somber picture of Bieber, revealed that the NFT, once valued at $1.31 million, has now depreciated 99% to a mere $59,090.
Unsurprisingly, the post garnered an astonishing 1.5 million engagements, fueling speculation and debate among cryptocurrency enthusiasts.
One NFT aficionado, who goes by the handle GutterANT.eth, chimed in, arguing that the current $59,090 would only hold true if Bieber were to sell the NFT. The user further emphasized that holding onto the asset in times of adversity can lead to unexpected turnarounds, compared to the formation of diamonds under immense pressure.
However, not all responses were supportive. One commenter dismissed NFTs as a pandemic scam from the beginning, implying a lack of faith in their long-term viability. Another person insinuated that the entire ordeal could be a front for money laundering.
Yet another individual expressed disbelief that people had ever placed such exorbitant value on a cartoon creation in a simulated world, calling the whole affair “wild times.” This sentiment echoed the growing skepticism surrounding the sustainability of NFT investments.
One commenter, reflecting on their own experience with conventional stock investments, confessed that the feeling of failure when a stock plummets from $20 to $2 is hard enough to bear, let alone the colossal loss suffered in Bieber’s case.
As the NFT market grapples with volatility and public skepticism, Justin Bieber’s multimillion-dollar investment is a reminder of the risks in the rapidly evolving crypto landscape.
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